CAPITAL MARKETS-

Hassan Allam is working towards listing its SPAC: Our friends at Hassan Allam Holding have officially filed to list SPAC Hassan Allam Investments & Venture Capital on the EGX’s main market, according to an EGX bulletin. The firm is seeking to list 10 mn shares at a nominal value of EGP 1 per share, bringing its total issued capital to EGP 10 mn. The move is pending the necessary paperwork and regulatory approvals.

What’s a SPAC again? A special purpose acquisition company is a type of shell company used by investors to acquire firms. SPACs raise money from the public in an IPO and then use the proceeds to merge with or acquire an appropriate company. Check out our explainer for more on how SPACs work.

REMEMBER- Egypt’s first SPAC — impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East — made its EGX debut in November.

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REAL ESTATE-

SODIC will develop a 1k feddan-plot in West Cairo, according to a company statement (pdf) announcing the revenue share agreement with Rula for Land Reclamation for the project. The New Sphinx City project is expected to generate over EGP 353 bn in sales, with Rula receiving 21% of the revenues and SODIC the rest.

What they said: “Today’s signing marks an important milestone for SODIC. The 1k feddan plot is an exciting addition to SODIC’s portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes,” said General Manager Ayman Amer.

INVESTMENT-

More Chinese investments in textile ahead? Public Enterprises Minister Mohamed Shimi met with a Chinese delegation of 37 investors representing around 25 major textile companies to discuss boosting cooperation between the two countries in the textile sector, according to a ministry statement. Shimi invited the delegation to hold meetings with representatives from state-owned textile companies to discuss potential partnerships in various stages of textile production.

HOSPITALITY-

Milango was tapped to develop the official mobile app for the Great Pyramids of Giza, CEO of the local digital services provider Amr Moustafa said following the signing ceremony with Orascom Investment Holding. The company will announce more information on the matter soon, Moustafa added.

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